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Australia's online loans industry is maturing fast, and clients enjoy the convenience of online application, which many lenders offer. However, it takes a special company to stand out amongst the competition. The best way to do that in any industry, is to focus on the client.
Banks and major lending institutions try to do that, but their processes are time consuming and complex - two things that do not appeal to most small business owners in Australia. These institutions have not adapted with the changing times and consumer focus. Consumers desire a dynamic solution that solves both their current opportunities and future challenges.
The Cambridge Centre for Alternative Finance and University of Sydney Business School Released their Asia Pacific Alternative Finance Benchmarking Report in March 2016, which reported on the significant growth of online alternative finance in Australia. It also found that balance sheet business lending showed a market volume of $120 million in 2015. This is a lending method whereby business borrowers receive finance directly from the loan platform entity.
It is true that borrowers have been somewhat hesitant, since borrowers still find it hard to trust anyone other than Australian banks with their finances. However, as the market gains traction, small businesses are bound to see the credibility which online lending platforms build through their technology.
Data is at the core of a lender's technology and credibility. Reputable lenders focus on capturing only the most important data, storing it in the right database, and interpreting it expertly. The data can be utilised to analyse businesses' marketing activities both offline and online to gain insights into their business development and an application score can then be applied to the client. Some of the many aspects that are considered by the technology, include financial reporting, bank statement information, and the difference between what's on the application, and the real numbers. Instead of spending hours in face-to-face meetings, the technology can quickly and easily answer the questions on the clients' behalf.
Using such intelligent software enables lenders to create flexible loan products that provide solutions to small businesses across a broad range of industries. The main purpose of small business online loans is to provide businesses with the finance they need to grow from strength to strength. Whether you need $5,000 or $250,000, speak to us today and we will do our best to help you.